Last updated on May 15th, 2019 at 04:58 pm
A former Sam’s Club building on the northwest side of Milwaukee has been sold to General Capital Group, which is planning to convert the building to industrial space and lease it to a local paper towel and wet wipe distributor.
The 138,480-square-foot building at 7701 W. Calumet Road, has been vacant since Sam’s Club moved to a larger location at 8050 N. 124th St. in August.
General Capital Group purchased the property, which includes 23.9 acres, from Sam’s Real Estate Business Trust for $2.99 million. It is assessed by the city of Milwaukee at $5.47 million.
General Capital Group plans to lease the building to Sellars Absorbent Materials, Inc., located at 6565 N.60th St. in Milwaukee, once the building is converted for industrial use.
The Calumet location will be an expansion Sellars, said John Kuhn of The Boerke Company, who represented Sam’s Real Estate Business Trust in the transaction.
Representatives from Sellars could not immediately be reached for comment.
“It would have been terrific if we could have found a potential retail use to work for the neighborhood, but at 138,000 square feet, it’s not cost effective to divide it, and Walmart is restrictive for placing competitive users,” Kuhn said. “Finding a user like this that can take the entire building is great. It gets a dark, vacant building out of circulation.”
Other brokers involved in the property sale were Brian Parrish and Matt Friedman of PARADIGM Real Estate, who represented General Capital Group, and The Dickman Company, Inc., which represented Sellars.